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Safanad Ltd. Acquires Maryland Housing for $70M
Safanad Ltd., in partnership with Vie Holdings, acquired the Towers at University Town Center, a 910-bed complex that serves Howard University and University of Maryland. The $69.5-million buy brings Safanad’s U.S. arm to 11,000 beds, valued at $800 million.
Situated at 6515 Belcrest Rd. in Hyattsville, MD, the property had been developed by Prince George’s Metro Center Inc., and fell into foreclosure in 2012. It was ultimately sold back to the lender, with Greystar Managing the asset.
Safanad considers the asset a value-add opportunity, with “great housing that is well-connected and surrounded by entertainment options,” said Safanad’s Chris Aiken. The plan is to put $5-million upgrade program in place to create additional value for investors and to improve the living experience.
Safaned’s goal is to continue acquiring value-add student housing properties, which serve “strong universities and growing student populations,” according to a release.
Added Aiken: ““We are seeing a consistent increase in demand for purpose-built and well-managed student housing, as US and international students expect high quality and lifestyle-led accommodation. Demand is compounded in locations where there is undersupply of on-campus housing and growing student populations.”
For comments, questions or concerns, please contact Connect Multifamily editor Amy Sorter
- ◦Sale/Acquisition
